MUMBAI: The RBI will set up a cloud facility as digital public infrastructure dedicated to the financial sector.
The facility’s establishment and initial operation will be undertaken by a subsidiary of RBI, the Indian Financial Technology & Allied Services (IFTAS). Subsequently, the operational responsibility will transition to an independent entity owned by participants in the financial sector.
RBI has said the facility will be in the nature of IT infrastructure to improve efficiency and it is not in pursuit of data sovereignty.RBI had asked payment companies to ensure data is stored in India. It said that the facility would facilitate scalability particularly for smallerbanks.
The facility’s establishment and initial operation will be undertaken by a subsidiary of RBI, the Indian Financial Technology & Allied Services (IFTAS). Subsequently, the operational responsibility will transition to an independent entity owned by participants in the financial sector.
RBI has said the facility will be in the nature of IT infrastructure to improve efficiency and it is not in pursuit of data sovereignty.RBI had asked payment companies to ensure data is stored in India. It said that the facility would facilitate scalability particularly for smallerbanks.